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Hectic trading marked on cotton market

RECORDER REPORT

KARACHI: Hectic trading was marked on the cotton market on Monday as buyers realised that their absence from market would not be paying and lest premium lots disappear overnight, market sources said.

The official spot rate of cotton was unchanged but it was marking time when to be raised to justify the prices in ready. The rate which has persisted since last week was Rs 2600 without ST and upcountry expenses.

The ready business saw some 12,000 bales changing hands at much above official prevailing rate. The prices ruled between Rs 2625 and Rs 2655.

Exporters registered 6803 bales for export to Bangladesh, Thailand and Indonesia. Total registered for exports is 169,728 bales.

Following deals were reported: 3000 bales of Bagho Bahar at Rs 2650; 1000 bales of Rahimyar Khan at Rs 2650; 1500 bales Bahawalpur at Rs 2645; 1000 bales at Rs 2650; 700 bales at Rs 2655; 200 bales of Mirpur Mathelo at Rs 2625; 400 bales of Daharki at Rs 2625; 800 bales of Sarhad at Rs 2625; and 3300 bales of Fazilpur at Rs 2650.

CAKE FUTURES

Following rates were furnished by Seed and Grain Merchants Group on the trading of futures on Monday.

The May vaida opened at Rs 449.30 and was highest also at the same amount. Later it lost to turn lowest at Rs 447.40 and closing was quoted at Rs 447.50.

The July vaida opened at Rs 447.20 and highest was quoted at Rs 448. The lowest was shown at Rs 446.50 and closing was also seen at the same level.

MAY VAIDA

Last closing Rs 449.10

Monday's opening Rs 449.30

Highest Rs 449.30

Lowest Rs 447.40

Closing Rs 447.50

JULY VAIDA

Last closing Rs 447.20

Monday's opening Rs 447.20

Highest Rs 448.00

Lowest Rs 446.50

Closing Rs 446.50